(a) There is hereby created the City economic development fund. The purpose of the fund shall be to promote, stimulate, and improve the economic welfare of the City and assist in the creation, retention, expansion, and development of economic opportunities for its citizens. The fund shall be administered by the Director of the Administrative and Financial Services Department.

(b) Moneys from the fund shall be used to promote, stimulate, and improve economic development in the City of Topeka and its environs, to encourage and assist in the location of new business, and the expansion, relocation, or retention of existing business, industry, and health development. To further the goal of economic development, moneys from the fund may be expended for or transferred to, specifically for, but not limited to, the Topeka arts fund.

(c) Moneys from the City’s general fund, origination fees collected from economic development revenue bonds issued by the City pursuant to K.S.A. 12-1740, et seq., and moneys from any other source legally available for such purpose may be credited to the economic development fund.

(d) All transfer or expenditure of moneys from the economic development fund shall be only for the purposes of this section and shall be specifically authorized by the City Manager. (Ord. 18730 § 5, 10-17-06; Ord. 18160 § 1, 1-13-04. Code 1995 § 2-335.)